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  1. EY revenue grows 18 per cent, delivers $70m in bonuses

    divisions, EY rebounds despite lingering COVID concerns. EY Australia doubled its revenue growth to 18 per cent over the last financial year, to $2.75 billion, and handed out 70 million in “record bonuses” the company said on Thursday (4 August). That...

  2. NSW and building industry lead nation into insolvency

    NSW businesses are going bust quicker than those elsewhere in Australia with almost half the total insolvencies in the last financial year, according to figures from Insolvency Australia. At the same time, early numbers from ASIC showed the building...

  3. Optus hack puts all Australia on alert, accountants in front line

    far beyond the people directly compromised, cyber security specialist says. The huge hack into Optus customer details late last week will affect everyone in Australia and puts accountants in the front line of fraud prevention, says one cyber security...

  4. Insolvency body welcomes ‘overdue’ review of bankruptcy laws

    cost and complexity, says ARITA. Insolvency specialists have welcomed a review of insolvency and bankruptcy laws announced last week by senator Deb O'Neill, chair of the parliamentary joint committee on corporations and financial services. The...

  5. What BBlood Enterprises case means for s100A

    Last month’s court decision had more to say about “ordinary family or commercial dealings” in trust distributions. On 19 September 2022, the Federal Court handed down its decision in BBlood Enterprises Pty Ltd v Commissioner of Taxation [2022] FCA...

  6. ATO issues private ruling on member benefit issue

    private ruling examining the issue of whether a benefit requested shortly before death is a member benefit or death benefit. Last week the ATO published a private ruling it issued regarding the payment of a benefit from an SMSF which was requested...

  7. Consumer sentiment plunges to recession levels

    spending, Westpac index shows, as inflation, rates and energy prices hit home. Consumer sentiment plunged almost 7 per cent last week to hit recession levels and presages a grim Christmas with 40 per cent of consumers looking to cut seasonal spending....

  8. Small business ‘at risk’ if NSW workers comp rises 33%

    A huge increase in premiums could be the last straw for many, says COSBOA. NSW small businesses will be unable to employ more people or help grow the economy if a projected 33 per cent increase in workers compensation payments is realised, according to...

  9. Why an automated finance team will pay dividends

    from drudgery, your finance department can become a source of strategic advice and revenue. Finance teams are seen as the last step in a long sales process, ready to manage transactions by issuing, monitoring and, ultimately, closing out invoices. This...

  10. ATO begins ID crackdown on recalcitrant directors

    by the office. The ATO is contacting the half-a-million directors who failed to get an ID number before the deadline last December and warns that it is taking non-compliance “seriously”. It said the first approach would involve supplying guidance on how...

  11. Aussie start-ups secure record level of funding: KPMG

    Despite a global lull in venture capital, local businesses attracted a landmark $5.84 billion in investment last year. Australian start-ups secured record venture capital funding of $5.84 billion in 2022, up 2 per cent on the previous year, despite a...

  12. Accounting job ads rebound in January to rise almost 8%

    decline. Accounting job ads rebounded in January to rise 7.6 per cent and record the first month-on-month increase since last August, according to the latest data from employment website Seek. The rise reflected an across-the-board increase in job ads...

  13. ASIC launches greenwashing court action against Mercer

    The first legal case comes after the regulator issued over $140,000 infringement notices for greenwashing last year. The Australian Securities and Investments Commission (ASIC) has launched proceedings in the Federal Court against Mercer Superannuation...

  14. GDP grows but slows, while inflation edges lower

    UPDATED: The latest figures from the ABS reveal economic growth last year and show inflation coming off its peak. GDP growth slowed for the second consecutive quarter to just 0.5 per cent according to ABS figures for December, which was down on the...

  15. CFOs call halt to finance salary honeymoon, says recruiter

    Almost 60 per cent of CFOs have had unrealistic salary requests in the last 12 months and executives are drawing a line in the sand. Finance candidates must rein in their salary demands with nearly 60 per cent of CFOs saying they have received an...

  16. RBA reveals March interest rate decision

    The Reserve Bank has announced its cash rate decision following its rate increase last month to start the year. The RBA has decided to increase the cash rate target by 25 basis points to 3.60 per cent, the 10th consecutive rise and highest level since...

  17. Know your client’s crypto or risk a blowout, expert warns

    Avoid finding out at the last minute that there are thousands of transactions to reconcile that haven’t been priced into the job. A crypto expert is warning accountants to ensure they know what their clients have been doing with crypto or else the...

  18. How the ATO will turn celebrity into a challenge

    Individuals will pay tax on their fame unless there are changes to last year’s draft determination. The ATO’s draft taxation determination TD 2022/D3 sets out the proposed treatment of an individual’s fame. It say, in essence, that because the law...

  19. ‘Aggressive’ ATO puts directors in front line for tax debts

    notices are now its first resort, according to Tax Assure. The number of companies in tax debt distress has tripled since last year and the ATO has changed tack to go straight after directors, according to Melbourne-based consultant Tax Assure. Tax...

  20. Data hacks set off alarm bells about privacy, survey finds

    controls over what information can be collected and how it is held. Data breaches affected almost one in two Australians last year and nine out of 10 now want more rights under privacy laws to delete what is being held or to pursue compensation,...